Pradhan Mantri Jeevan Jyoti Bima Yojana: Check Eligibility, Features, Cover, How To Apply Online

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has provided life insurance coverage to over 21.67 crore people as of October 20, 2024 according to data released by the Ministry of Finance.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme which aims to provide monetary assistance to families in the event of the policyholder's untimely demise due to any cause. The scheme was introduced in 2015, and it offers life insurance coverage of Rs 2 lakh for an annual premium of Rs 436 per subscriber.

The Ministry’s report highlights that 8.93 lakh claims have been received under the scheme so far, out of which 8.6 lakh claims have been settled. The cumulative value of claims disbursed stands at Rs 17,211.50 crore.

Who can apply for PMJJBY?

The scheme is open to individuals aged between 18 and 50 years, including both single and joint account holders of participating banks or post offices. Non-Resident Indians (NRIs) with Indian bank accounts are also eligible to join, but any claims will be settled in Indian currency.

Notably, new subscribers are covered only for accidental deaths in the first 30 days of enrolment. After that, the life insurance cover becomes fully active. The policy is renewable every year, with the premium being auto-debited from the subscriber’s linked bank or post office account.

For those enroling mid-year, the premium is charged on a pro-rata basis.

• June, July, August: Full premium of Rs 436
• September, October, November: Rs 342
• December, January, February: Rs 228
• March, April, May: Rs 114

However, during renewal, the full annual premium of Rs 436 applies regardless of the date of initial enrolment.

How to enrol in PMJJBY?

Applying for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be done through banks, business correspondent points, or post offices. To enrol, eligible individuals need to fill out an enrolment form, which is available at participating banks or post offices. While submitting the form, subscribers must also provide their consent to allow the annual premium to be auto-debited from their bank or post office account. Once the premium is deducted, the insurance cover becomes active, although it’s important to note that the lien period conditions apply. For added convenience, individuals can also apply online through the internet or mobile banking services of participating banks.

The scheme is offered and administered by Life Insurance Corporation of India (LIC) and other authorised life insurance companies in collaboration with banks and post offices. Each bank or post office is free to engage an approved insurance provider for its subscribers.

Additional terms and conditions

• Individuals can subscribe to PMJJBY through only one bank or post office account, even if they hold multiple accounts.
• Coverage under the scheme is valid for a one-year period from June 1 to May 31.
• Late enrolment or renewal after the start of the policy period is allowed upon payment of the applicable premium.